Terms of Reference

To mobilize action and resources for coral reef protection and restoration, the Prince Albert II of Monaco Foundation and Paul G. Allen Family Foundation—in partnership with the United Nations (UN)— developed the Global Fund for Coral Reefs (GFCR). The initiative is the first UN Multi-Partner Trust Fund for SDG 14, ‘Life Below Water’. Launched in 2020, the Fund is designed to raise $625 million US dollars in capital by 2030. To protect coral reefs and related biodiversity the GFCR has a dual focus:

• Facilitate the uptake of innovative financing mechanisms, including private market-based investments focused on coral reef conservation and restoration.
• Unlock financing for coral reef-related climate adaptation through the Green Climate Fund, multilateral development banks and other sources.

The GFCR serves as a blended finance vehicle to provide risk equity capital, debt and grant funding to deliver exciting and impactful projects. Grants and investments make it possible for the GFCR to deliver smart solutions at scale.

The Terms of Reference outline the background, rationale, theory of change, governance, and programmatic arrangements of the Global Fund for Coral Reefs.